Five Prime gains on BMS discovery deal

Five Prime Therapeutics Inc. (NASDAQ:FPRX) jumped $4.24 (23%) to $22.99 on Monday after partnering with Bristol-Myers Squibb Co. (NYSE:BMY) to identify targets in two undisclosed immune checkpoint pathways. Five Prime -- which uses its technology platforms to identify and validate drug targets and candidates from its collection of functional human secreted proteins and transmembrane receptor proteins -- will be responsible for target discovery. BMS will evaluate and select targets and will receive exclusive, worldwide rights to develop and commercialize therapies against selected targets. The deal also covers undisclosed targets previously identified by Five Prime in the two pathways. ...